Core Viewpoint - 嘉诚国际 (603535.SH) reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the third quarter was 264 million yuan, representing a year-on-year decrease of 18.29% [1] - The net profit attributable to shareholders of the listed company was 30.5074 million yuan, down 36.62% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 30.7378 million yuan, reflecting a year-on-year decline of 35.83% [1]

Group 1 - The core viewpoint of the news is that 嘉诚国际 (Jiacheng International) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] - The company's revenue for the first three quarters is approximately 946 million yuan, representing a year-on-year decrease of 3.4% [1] - The net profit attributable to shareholders of the listed company is about 149 million yuan, showing a year-on-year decrease of 10.41% [1] - The basic earnings per share is 0.29 yuan, which is a year-on-year decrease of 9.38% [1] Group 2 - As of the report, 嘉诚国际 has a market capitalization of 5.6 billion yuan [2]

| 证券代码：603535 | 证券简称：嘉诚国际 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：113656 | 债券简称：嘉诚转债 | | 广州市嘉诚国际物流股份有限公司 关于取消监事会的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 广州市嘉诚国际物流股份有限公司（以下简称"公司"）根据《中华人民共 和国公司法》《上市公司章程指引（2025 年修订）》等规定，由董事会审计委 员会行使监事会的相关职权，公司拟取消监事会及监事设置，《监事会议事规则》 将不再施行。 本事项已经公司第五届监事会第二十次会议审议通过，尚需提交公司股东会 审议。在公司股东会审议通过取消监事会事项之前，公司第五届监事会仍将严格 按照有关法律、法规和《公司章程》的规定继续履行职责，维护公司和全体股东 利益。 自股东会审议通过取消监事会事项后，公司监事会取消，《监事会议事规则》 同时废止，第五届监事会监事职务自然免除，第五届监事会届满后不再进行换届。 2025 年 10 月 29 日 特此公告。 广 ...

一、监事会会议召开情况 | 证券代码：603535 | 证券简称：嘉诚国际 公告编号：2025-051 | | --- | --- | | 债券代码：113656 | 债券简称：嘉诚转债 | 广州市嘉诚国际物流股份有限公司 第五届监事会第二十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本议案尚需提交公司股东会审议。 三、报备文件 1、第五届监事会第二十次会议决议。 特此公告。 广州市嘉诚国际物流股份有限公司（以下简称"公司"）第五届监事会第 二十次会议于 2025 年 10 月 27 日下午 13:30 在公司会议室以现场表决方式召开。 本次会议应出席监事 3 人，实际出席监事 3 人。监事会主席黄烈宵先生主持本次 会议，公司董事、高级管理人员列席。本次会议的召集和召开符合《公司法》和 《公司章程》的有关规定，会议所形成的有关决议合法、有效。 二、监事会会议审议情况 1、审议通过《2025 年第三季度报告》 表决结果：同意 3 票；反对 0 票；弃权 0 票。 具体内容详见公司披露于指定媒体的《202 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 263,759,629.61, a decrease of 18.29% compared to the same period last year[3]. - The total profit for the quarter was CNY 35,151,657.24, reflecting a decline of 36.02% year-over-year[3]. - The net profit attributable to shareholders was CNY 30,507,356.19, down 36.62% from the previous year[3]. - The basic earnings per share for the quarter was CNY 0.06, a decrease of 33.33% compared to the same period last year[4]. - Total operating revenue for the first three quarters of 2025 was CNY 946.26 million, a decrease of 3.4% compared to CNY 979.54 million in the same period of 2024[29]. - Net profit for the first three quarters of 2025 was CNY 149.58 million, a decrease of 10.0% from CNY 166.08 million in 2024[30]. - Earnings per share for the first three quarters of 2025 were CNY 0.29, down from CNY 0.32 in the same period of 2024[31]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was CNY 157,643,441.46, an increase of 77.36% due to faster accounts receivable collection[3][9]. - The company's total current assets as of September 30, 2025, amounted to approximately RMB 1.62 billion, an increase from RMB 1.44 billion as of December 31, 2024[26]. - The company's total liabilities increased to approximately RMB 2.21 billion as of September 30, 2025, compared to RMB 2.10 billion at the end of 2024[27]. - The company's cash and cash equivalents decreased from RMB 421.57 million to RMB 249.61 million year-over-year[25]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 157.64 million, an increase of 77.5% compared to CNY 88.88 million in 2024[32]. - Total assets amounted to CNY 4.96 billion as of the end of the reporting period, compared to CNY 4.74 billion at the end of the previous year[28]. - The company's total equity attributable to shareholders increased to CNY 2.74 billion from CNY 2.63 billion year-over-year[28]. Strategic Initiatives - The decline in net profit was attributed to upfront investments in new business initiatives, including the newly awarded Douyin East China business and new overseas ventures[10]. - The company has strategically abandoned low-margin and slow-recovery distribution businesses, impacting overall revenue[5]. - The company has established a unique core customer service matrix in the cross-border e-commerce logistics sector, serving major platforms like Temu, SHEIN, and JD.com[14]. - A new logistics service agreement with JD.com will enhance the company's B2B and B2C cross-border logistics capabilities, covering key ports like Shenzhen and Guangzhou[16]. - The company has signed an air freight service contract that guarantees a minimum annual revenue of RMB 500 million over two years, significantly boosting its market position in air cargo[18]. - Collaboration with Shenzhen Dida Industrial Co., Ltd. aims to enhance logistics services for high-end manufacturing, providing integrated solutions for power equipment logistics[19]. - The company is actively expanding its operations in Thailand and Singapore, focusing on cross-border logistics opportunities and establishing a core hub for Southeast Asia[24]. - The company has invested in the construction of a smart processing and distribution center in Danzhou Yangpu, which aligns with policies allowing for tax-free domestic sales with over 30% value-added processing[23]. Future Outlook and Projects - The company is leveraging the Hainan Free Trade Port's upcoming full closure operation in December 2025 to enhance its global supply chain network and capitalize on new trade policies[21]. - The "zero tariff" policy coverage increased from 21% to 74% of all product tax items after the closure, representing a nearly 53 percentage point increase[22]. - The company is advancing three key projects in Hainan, including a multi-functional smart logistics center, a core hub for duty-free and high-end consumer goods, and a smart processing and distribution center, all of which are expected to leverage local industrial clustering effects[23]. - The company achieved a significant breakthrough in Vietnam by successfully undertaking quality inspection services for the sportswear brand Halara, marking the establishment of a full-link cross-border e-commerce service in Southeast Asia[24]. Investment Activities - Cash inflow from investment activities totaled $386.51 million, up from $277.97 million year-over-year, representing an increase of 39%[33]. - Cash outflow from investment activities was $745.39 million, compared to $603.30 million in the previous period, reflecting a 23.5% increase[33]. - Net cash flow from investment activities was -$358.88 million, worsening from -$325.33 million year-over-year[33]. - Cash inflow from financing activities amounted to $406.92 million, down from $574.85 million, a decrease of 29.2%[33]. - Net cash flow from financing activities was $30.09 million, a significant decline from $212.25 million in the previous period[33]. - The impact of exchange rate changes on cash and cash equivalents was -$294,249.62, contrasting with a positive impact of $3.93 million last year[33]. - The net decrease in cash and cash equivalents was -$171.44 million, compared to a decrease of -$20.27 million in the prior year[33]. - The ending balance of cash and cash equivalents stood at $156.70 million, down from $247.78 million year-over-year[33].

Core Viewpoint - As of October 28, 2025, Jiacheng International (603535) closed at 10.99 yuan, down 1.88%, with significant net outflows from major funds and a mixed performance from retail investors [1][2]. Group 1: Stock Performance - On October 28, 2025, Jiacheng International's stock price decreased by 1.88% with a trading volume of 65,700 hands and a total transaction amount of 72.86 million yuan [1]. - Over the past five days, the stock has shown a downward trend, with the largest net outflow from major funds recorded at 1,535.37 million yuan on October 28, 2025 [2]. Group 2: Financial Metrics - Jiacheng International's total market capitalization is 5.615 billion yuan, with a net asset value of 2.722 billion yuan and a net profit of 118 million yuan [3]. - The company's revenue for the first half of 2025 was 683 million yuan, reflecting a year-on-year increase of 3.93%, while the net profit increased by 0.29% to 118 million yuan [3]. - The gross profit margin stands at 33.62%, significantly higher than the industry average of 14.43%, indicating strong operational efficiency [3]. Group 3: Industry Comparison - In terms of industry ranking, Jiacheng International ranks 27th in total market value and 33rd in net assets among its peers in the logistics sector [3]. - The company's price-to-earnings ratio is 23.74, which is considerably higher than the industry average of 4.83, suggesting a premium valuation compared to its peers [3].

Core Viewpoint - As of October 24, 2025, Jiacheng International (603535) closed at 11.26 yuan, with a slight increase of 0.36% and a trading volume of 3.82 million shares, indicating a mixed sentiment among investors [1]. Group 1: Stock Performance and Trading Data - On October 24, 2025, the net outflow of main funds was 20.04 thousand yuan, accounting for 0.47% of the total trading volume, while retail investors saw a net inflow of 202.87 thousand yuan, representing 4.74% of the total trading volume [1][2]. - Over the past five days, the stock experienced fluctuations, with the highest net inflow of main funds recorded on October 20, 2025, at 1117.61 thousand yuan, and the largest net outflow on October 22, 2025, at 508.96 thousand yuan [2]. Group 2: Financial Metrics and Industry Comparison - Jiacheng International's total market value is 5.753 billion yuan, with a net asset value of 2.722 billion yuan and a net profit of 118 million yuan, ranking 26th, 33rd, and 29th respectively in the logistics industry [3]. - The company reported a gross profit margin of 33.62% and a net profit margin of 17.41%, significantly higher than the industry averages of 14.48% and 5.65% respectively, indicating strong operational efficiency [3]. - For the first half of 2025, Jiacheng International's main revenue was 683 million yuan, a year-on-year increase of 3.93%, while the net profit attributable to shareholders was 118 million yuan, reflecting a modest growth of 0.29% [3].

Core Insights - As of October 23, 2025, Jiacheng International (603535) closed at 11.22 yuan, down 1.32% with a turnover rate of 1.3% and a trading volume of 66,600 hands, resulting in a transaction amount of 74.8864 million yuan [1][2] Fund Flow Analysis - On October 23, 2025, the net outflow of main funds was 2.8343 million yuan, accounting for 3.78% of the total transaction amount, while the net outflow of speculative funds was 3.2618 million yuan, making up 4.36% of the total. In contrast, retail investors saw a net inflow of 6.0961 million yuan, representing 8.14% of the total transaction amount [1][2] - The fund flow over the past five days shows a trend of fluctuating net inflows and outflows among different investor categories, with notable net inflows from retail investors on October 23, 2025 [2] Company Performance Metrics - Jiacheng International's total market value is 5.733 billion yuan, with a net asset of 2.722 billion yuan and a net profit of 118 million yuan, ranking 27th, 33rd, and 28th respectively in the logistics industry [3] - The company reported a main operating income of 683 million yuan for the first half of 2025, a year-on-year increase of 3.93%, and a net profit attributable to shareholders of 118 million yuan, up 0.29% year-on-year. The second quarter of 2025 saw a single-quarter main operating income of 398 million yuan, a 9.0% year-on-year increase [3] - Key financial ratios include a price-to-earnings ratio of 24.24, a price-to-book ratio of 2.2, a gross profit margin of 33.62%, and a net profit margin of 17.41%, indicating a relatively strong profitability compared to industry averages [3]

Market Overview - On October 23, the logistics sector rose by 0.28% compared to the previous trading day, with Changjiang Investment leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Changjiang Investment (600119) closed at 9.63, with a gain of 7.12% and a trading volume of 402,400 shares, amounting to a transaction value of 391 million [1] - Other notable performers included Eastern Airlines Logistics (601156) with a 2.55% increase, and Wuchan Zhongda (600704) with a 2.35% increase [1] Fund Flow Analysis - The logistics sector experienced a net outflow of 20.51 million from institutional investors, while retail investors saw a net inflow of 116 million [2] - Major stocks like Changjiang Investment and Wuchan Zhongda had significant net inflows from retail investors, despite overall outflows from institutional and speculative funds [3] Individual Stock Insights - Changjiang Investment had a net inflow of 83.66 million from institutional investors, but a net outflow of 39.65 million from speculative funds [3] - Wuchan Zhongda also saw a net inflow of 70.94 million from institutional investors, with a net outflow of 25.73 million from speculative funds [3]

Market Overview - The logistics sector increased by 1.01% on October 20, with Yuan Da Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Logistics Sector - Yuan Da Holdings (000626) closed at 10.74, up 10.04%, with a trading volume of 939,300 shares and a transaction value of 956 million [1] - Yongtai Transportation (001228) closed at 26.18, up 10.00%, with a trading volume of 75,600 shares and a transaction value of 193 million [1] - Jiacheng International (603535) closed at 11.20, up 5.36%, with a trading volume of 121,100 shares and a transaction value of 134 million [1] Market Capital Flow - The logistics sector experienced a net outflow of 60.56 million from institutional investors and a net outflow of 154 million from speculative funds, while retail investors saw a net inflow of 215 million [2] - The top stocks with significant capital inflow included Yuan Da Holdings with a net inflow of 65.54 million from institutional investors [3] Notable Decliners - Xiamen Xiangyu (600057) closed at 7.54, down 2.84%, with a trading volume of 238,500 shares and a transaction value of 181 million [2] - ST Yuanshang (603813) closed at 27.00, down 2.60%, with a trading volume of 20,200 shares and a transaction value of 54.69 million [2]